General knowledge is the knowledge gained outside as well as from textbooks and prescribed syllabus. Knowing beyond your spectrum of work contributes to personal enrichment and widens your scope of imagination. In subtle ways, subconsciously gained knowledge helps in developing an attitude that exudes confidence.

Random glossary entry

Opportunity cost

The most basic definition of opportunity cost is the price of the next best thing you could have done had you not made your choice.

Unlike most costs discussed, an opportunity cost is not always a number. The opportunity cost of any action is simply the next best alternative to that action - or put more simply, "What you would have done if you didn't make the choice that you did".